Forex: NZD/USD breaks below 0.8000 for first time in 14 weeks

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Forex: NZD/USD breaks below 0.8000 for first time in 14 weeks

FITITOL--> FXstreet.com (Barcelona) - NZD/USD is currently trading at 0.7997 bids off day and fresh 3-month low 0.7987, down -1.12% since yesterday's Asia-Pacific open, and -2.79% for the week. The pair fell yesterday following worse than expected jobs data, with unemployment rate rising to 6.7% due to increasing new comers looking for their first job.

According to Imre Speizer from Westapac Bank: “We have held a view that the NZD would weaken into mid-year due to falling commodity prices and interest rates, and the recent RBNZ shift whereby it explicitly linked monetary policy to the NZD added to our conviction,” the analyst says, adding they are “targeting 0.7800".

For the downside, immediate support for Kiwi shows at recent daily lows 0.7988 and Nov 2010 highs 0.7975, followed by Aug '11 lows 0.7967, while for the upside closest resistance comes at March 14/22 lows 0.8059, followed by April 23 lows 0.8087, and March 06/April 25 lows 0.8100.